Market update: existing home sales drop 3.3% in April

May 21, 2015

This morning’s National Association of Realtors (NAR) report showed that existing home sales in April dropped 3.3% to a seasonally-adjusted rate of 5.04 million. Quicken Loans Vice President Bill Banfield offers the following comments on the report:

“The shortage in inventory that’s pushing up prices continues to hold back any sustained momentum. However, it’s encouraging to see a more balanced market with more first-time buyers jumping-in compared to cash and distressed sales.”

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